Exports: Corn net sales bounce to 10-week high

According to the USDA’s latest “U.S. Export Sales” repot, corn net sales of 1,837,900 metric tons (MT) for 2013-2014 were up noticeably from last week and from the four-week average. As seen in the chart below, it also is a 10-week high.

Increases were reported for Japan (797,800 MT, including 48,500 MT switched from unknown destinations), unknown destinations (305,900 MT), Spain (270,000 MT), Egypt (120,000 MT), and South Korea (120,000 MT). Decreases were reported for the French West Indies (5,600 MT). Net sales of 105,700 MT for 2014/2015 were reported for Japan.

Anticipation of increasing South American supplies depressed soybeans into Thursday morning, and it will likely be a while before South American soybeans hit the global market. However, the expectations for a record Brazilian crop are rather clearly weighing upon CBOT futures. March soybeans slid 3.25 cents to $12.66/bushel Wednesday night, whereas March soyoil bounced 0.10 cents to 37.20 cents/pound, and March soymeal lost $2.9 to $420.4/ton.